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In years prior to 2019, and the enactment of the Tax Cuts and Jobs Act (TCJA), taxpayers were accorded an “unlimited” federal income tax deduction for all state and local income taxes as well as real estate taxes, if they were able to itemize deductions. In those instances when the state and local income taxes […]
Not subject to as much media attention as federal income tax legislation, the state impacts resulting from the enactment of federal legislation always poses budgetary challenges for leadership in those jurisdictions. Oftentimes, federal income tax incentives, such as accelerated and bonus depreciation, can prove unduly costly for states whose income tax regimes are predicated upon […]
As has been discussed frequently in our posts, the Tax Cuts and Jobs Act of 2017 limited the amount of state and local taxes (SALT) deductible as an itemized deduction to $10,000, starting in 2018 through 2025. This limitation applies to the total of real property taxes, state income taxes and local income taxes. The […]
IRS Reiterates Its “Prepaid Property Tax” Position for NJ Under the Tax Cuts and Jobs Act (TCJA), enacted on December 22, 2017, a taxpayer’s itemized deduction for state and local taxes for the tax years 2018-2025 is limited to $10,000 ($5,000 for married filing separately) per year. This new limitation was particularly burdensome for taxpayers […]
Few consumers have paid all required sales taxes on taxable goods purchased from out-of-state vendors, especially when those items have been purchased from sellers on the internet. While most states have statutory requirements for consumers to pay a use tax on these purchases, the cost and complexity of collecting those taxes has led to widespread […]
The Pennsylvania Department of Revenue recently released its December 2017/January 2018 newsletter, which highlights tax developments over the past year in the following areas: the sales and use tax treatment and requirements for marketplace sales; important personal income tax filing dates; amnesty penalties; and property tax/rent rebate program applications. See below for details and links […]
